Green Roof Installation Raises Value of Boston Apartment by $2.4 Million
A green roof installation in Boston, near Fenway Park, at the 1330 Boylston Street apartment community, has proved to be a win-win for property managers, owners, and residents, as well as the environment.
The installation, which cost $112,500, is generating an additional $300-$500 per month in revenue for about 25 units that overlook what used to be a heat reflective, stark, white roof typical of building construction four years ago. The roof has been a hit for residents and the apartment property. Don Rederscheid from J.P. Morgan Asset Management said as leases came due for units that overlooked the green roof, residents willingly paid higher renewals. Once renewals for the units are complete, the property expects to generate about $120,000 in additional revenue annually for the virtually maintenance-free roof. At a 5-percent cap rate, J.P. Morgan Asset Management estimates the green roof has improved the value of the property by $2.4 million.
Read the entire article at Property Management Insider.